Crypto Scam Websites Attracted Millions of Indians Last Year, Chainalysis Says – Featured Bitcoin News

Blockchain data analytics company Chainalysis reports that Indians visited scam websites almost 10 million times last fiscal year. Indians visited the top crypto-scam sites 4.6 million times.

Millions of Indians visit Crypto Scam Sites

According to Chainalysis data, Indians have visited scam websites on a large scale over the last years.

According to the firm, Indians visited cryptocurrency-scam websites 9.6 millions times in 2018. The figure is even higher in 2020. Indian users visited 17 million crypto-scam websites.

According to Chainalysis’s analysis, the top five cryptocurrency scam sites that Indians visited in the last year were and And India received over 4.6 million visits to the top crypto-scam sites last year.

Crypto Scam Websites Attracted Millions of Indians Last Year, Chainalysis Says
Chainalysis lists the top crypto-scam sites in India. Source: Mint.

Indian authorities have been investigating several instances of cryptocurrency-related scams. Earlier this month, the country’s Enforcement Directorate (ED) seized assets worth about $5 million in an alleged cryptocurrency scam involving Morris Coin.

Regulators worldwide are focusing their attention on cryptocurrency frauds. The North American Securities Administrators Association (NASAA) recently released its “annual list of top investor threats,” putting crypto scams on top of the list. Additionally, consumers were warned by the U.S. Federal Trade Commission about potential scams involving cryptocurrency ATMs.

Do you have any thoughts about the frequency with which Indians visit scam sites? Comment below to let us know your thoughts.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.

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